Background
The Selfridges Neighbourhood Property Portfolio comprises circa 500,000 square feet of office, retail and space located in the immediate vicinity of the Department Store, extending to Wigmore Street, Duke, Street, Picton Place and Bird Street.
The estate, encompassing the store, extends to over 8 acres of prime west end accommodation.
Lee Baron’s Role
Lee Baron provides both property and asset management services across the Estate, including the recruitment and management of the Neighbourhood Team, located on site. The next phase of this project will comprise the delivery of a Neighbourhood Office – a front of house space for the site team – and the formation of an Estate Service Charge (where we have already been involved in the drafting of new lease provisions to bring this into effect).
Results
In terms of project completed to date, we have rationalised the supply chain for the Neighbourhood and reprocured all services on an Estate basis, enabling us to improve specification and reduce cost across the properties. Capital projects have already included the replacement of chillers, boilers, lift and roofs as well as the delivery of 10 year capital plans for structure, fabric and mechanical and electrical services across the Neighbourhood. A newly installed fibre backbone brings connectivity to the Estate and buildings delivering new services, linking systems and providing new levels of building and occupier information. This, together with a front of house project to be rolled out during the course of 2021 will be transformative in the occupier experience within the Neighbourhood.
Current projects include the renewal of a number of leases as well as refurbishing vacant space to deliver new grade A office space to the market during 2021. The works will incorporate a number of new initiatives (to be rolled across the Neighbourhood office portfolio) to deliver air filtration, air quality monitoring and new levels of Covid compliance.
